Real Estate Information
Florida Real Estate Glossary - A
A concise statement of the substance of documents or facts appearing on the public land records that affect the title to a particular tract.
A summary by the abstractors of what was and was not examined in the title review.
Provision in note, mortgage, or deed of trust that provides for the acceleration of the due date of the loan; generally results in the full amount of the loan being due upon default such as nonpayment.
Action of offeree in agreeing to terms of an offer that results in a binding contract.
In probate, process of providing a report on the collection and distribution of the estate; in partnerships, an equitable proceeding in which the use and distribution of partnership funds are examined to determine whether each partner has received his or her appropriate share.
Under federal securities law, an investor who meets certain financial standards and can qualify for purchases of certain types of securities exempt from registration.
An environmental hazard that results from sulfur dioxide pollution from factories and coal-fired utility plants; the pollution is carried long distances and appears in rain and snow in areas far removed from the pollution sources.
Appears on deeds and some contracts as well as on wills.
For tax purposes, determination of qualified residential interest; the amount of debt entered into for purchase of a primary or secondary residence.
Statute enacted by a legislative body.
Court proceeding by landlord to have tenant removed from property; generally brought for nonpayment of rent or destruction of landlord's premises.
For income tax purposes, income earned as wages or other forms of compensation for work/services performed.
Tax based on value that increases as value increases. Property taxes are ad valorem taxes.
In testate distribution, the failure of a gift if the property is no longer owned by the testator at the time of death.
A type of mortgage with a rate that changes according to some interest-rate index.
Common law doctrine that subtracts amounts of inter vivos gifts from an heir's share of decedent's estate (still followed in some states).
Method of acquiring title to land by openly taking possession of and using another's property for a certain period of time.
Under Regulation Z, public disclosure of credit terms.
Zoning that regulates the appearance of property and exists for beautification purposes or architectural uniformity.
An easement that involves the use of another's property; e.g., a right of access.
Mortgage, note, or security interest provision that provides that the security for the loan includes the existing property and any property added after the note; mortgage security interest is attached to newly acquired property.
One who acts on another's behalf. In real estate, the agent is the party who works to bring the buyers and sellers of real estate together in exchange for payment (generally a commission).
That portion of the airspace from 23 feet above the earth's surface to the heavens.
The original federal act relating to air pollution; provided for studies but did little to control air pollution (1955).
Federal act that provided HEW with the authority to oversee state air pollution control plans and implementation.
Property ownership rights in the air above the surface.
Deed restriction that limits residency in a particular area to certain ages andprohibits residency of children less than a certain age.
(ADA) 1990 federal law prohibiting discrimination on the basis of disability and requiring reasonable accommodation by employers and landowners.
Mortgage covering all debt owed by the mortgagor to the mortgagee.
The tenant in a shopping center that has the largest store and will draw the greatest amount of traffic; e.g., grocery store in a plaza or a major department store in a mall.
Taking in an area of land as part of agovernmental unit (city, town, or county). Many subdivisions are annexed before they are developed.
Premarital contracts in which the spouses-to-be waive their interests in each other's properties that will be accumulated during the course of the marriage.
Participant in the construction process; may oversee quality of subcontractors' work and issue lien waivers.
Section of the Uniform Commercial Code that governs the taking of security interests in personal property and fixtures.
Document used to create a corporation.
The limited partnership agreement.
Document used to create a partnership.
Clause in contract that waives any warranty protection.
Federal law that mandates inspection of facilities receiving federal funds to determine presence of asbestos and asbestos fibers.
Process whereby a tax amount is assigned to a parcel of real estate on the basis of the value of the parcel.
Public official responsible for the valuation and assessment of real property and the subsequent collection of taxes.
Federal law that clarifies the liability of lenders on real property pledged as security for a loan.
Process of transferring contract rights to another; e.g., assignment of a mortgage or lease.
Process whereby a buyer of real property agrees to assume responsibility for payments on an existing mortgage on the property.
Under the Internal Revenue Code, a restriction on taking losses that requires those taking the loss to have funds at the risk of the operation of the business.
A form of multiunit housing; it generally has common walls with other homes.
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